ISTANBUL

US Treasury Secretary Scott Bessent stated Tuesday that President Donald Trump is likely to announce a new chairman of the US Federal Reserve before Christmas.

“I think there’s a very good chance that the president will make an announcement before Christmas,” Bessent told the CNBC network. “But it’s his prerogative, whether it’s before the Christmas holidays or in the new year. But I think things are moving along very well.”

Current Chair Jerome Powell's term ends in May, but he will likely have a lot on his plate before then due to the Federal Open Market Committee's recent division on the necessity of additional rate cuts.

Bessent, who said he would hold the final meeting for the second round of interviews Tuesday, explained that there were five strong candidates and all impressed him.

He stated that the Fed has become a very complex structure and is no longer solely responsible for setting monetary policy.

He noted that candidates should be evaluated by their perspectives on protecting the American people and the economy, as well as achieving inflation and employment targets.

“I think it’s time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people," said Bessent.

Last month, Bessent announced that five candidates were being considered for the chair -- White House National Economic Council Director Kevin Hassett, Fed Vice Chair for Oversight Michelle Bowman, Fed Board Member Christopher Waller, former Fed Board Member Kevin Warsh and Rick Rieder, a senior executive at asset management firm BlackRock.

Bessent stated he planned to present his list to Trump shortly after Thanksgiving.